cash payments

Small Businesses Losing £2.5bn Due to Cash Payments

Time and money lost by cash-taking small businesses is reducing profits by up to £942 a year A recent poll of 500 small businesses shows that the overhead costs in taking cash payments is amounting to £2.5bn because of the combined financial and time impact cash handling entails. The report revealed that 56% of small businesses take cash, with 10% only operating through cash and cheque – even though this is costing companies approximately £942 a year (the average small business’ takings for two days). The study showed that on average these companies spend 12 days counting cash and travelling to banks. Along with the bank charges that result from paying in cash at the bank, 32% of the cash-handling businesses employ at least two people to count cash regularly. Claire Aggarwal, owner of a mo... »